Reforming Corporate Governance: Redirecting the European Agenda
Reforming Corporate Governance: Redirecting the European Agenda
复制标题
改革公司治理：重新调整欧洲议程
DOI：
10.1111/1468-0327.00017
复制
发表时间：
1997
期刊：
影响因子：
--
通讯作者：
Erik Berglöf
中科院分区：
文献类型：
--
作者：
Erik Berglöf
type=“main”xml：lang=“en”>公司治理改革呼之欲出。这篇文章警告说，在复杂和脆弱的治理安排中，不要进行片面和仓促的干预。改革者应该退后一步，分析公司法与公司融资之间的根本联系，以及公司治理与经济和法律的体系的其他部分之间的根本联系。改革努力不应干预具体的所有权和控制结构。某些股票市场流动性差和某些国家对少数股东保护不力等具体问题应直接加以解决。对公司治理进行根本性的改革在某些国家可能是可取的，但需要对经济制度进行影响深远和针对具体国家的改革。因此，改革最好在成员国层面上进行。在欧洲联盟一级协调公司结构和控制的倡议注定要失败，而像欧洲公司法规这样的具体提案的前景充其量也是暗淡的。欧盟委员会的“公司治理政策”应侧重于促进透明度和信息传播。
type="main" xml:lang="en"> Corporate governance reform is in the air. This article warns against partial and hastily conceived interventions in complex and fragile governance arrangements. Reformers should step back and analyse the fundamental links between corporate law and corporate finance, and between corporate governance and the rest of the economic and legal system. Reform efforts should not meddle with specific ownership and control structures. Specific problems like the poor liquidity of particular stock markets and poor protection of minority shareholders in some countries should be addressed directly. Fundamental reform of corporate governance is probably desirable in certain countries, but will require far-reaching and country-specific changes in the economic system. Reform is thus best handled at the level of individual member states. Initiatives to harmonize the structure and control of corporations at the European Union level are bound to fail, and the prospects for specific proposals like the European company statute are bleak at best. A European Commission ‘Corporate Governance Policy’ should focus on promoting transparency and the dissemination of information.